yeh but 5k isnt that much anymore its only like a 15% change, not even as extreme as the TSLA rips
15% a day is for chumps these days
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If you think btc is overvalued now, imagine if musk or dorsey announced they were allocating…
DOGECOIN is up like 100% today
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Much rise.
Wow.
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Fuuuuuck. I almost put my life savings in dogecoin
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That’s it. As strong as this bitcoin rise is, if I had invested early I would have gotten out after the first bubble burst from 20K to 4K. Theres no way I would have held as it dropped like a rock
Yeah, It takes a special something to buy bitcoin at 90 and tell yourself that you wont sell it until 30k.
Which is of course the problem investing in non productive assets.
Word on the street is, there is like 15 addresses that own around 20% of the current bitcoin supply, so it’s very much as like everything else in life where a very small group of people controls the majority of the wealth.
Can somebody explain the logic in this?
No idea! Haha fun ride though! I’m never selling, so the price doesn’t really matter that much I guess. It’s just validation of the #Bitcoin thesis.
— Noah Kaufman, MD (@noahkaufmanmd) January 2, 2021
Like, what is the point of having this thing that’s worth an immense amount of value with no intention of ever using that value for anything? Are they hoarders for the apocalypse?
I know a lot of people are comparing bitcoin’s market cap 595 Billion to Gold’s MC which is like 12 Trillion and placing Bitcoins sealing around there if it were to take over Gold. That would put Bitcoin around 650k. It doesn’t really work like that but that’s what some are imagining.
Tesla will take care of the transaction issues.
Number one most important thing during an apocalypse is an entirely digital form of currency that requires an enormous amount of electrical power and the internet to transact.
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They’re like the hardcore gold bugs of the crypto sphere, generally believing USD collapse is imminent. Someone I know gave this same response when I asked him about sell targets recently. He was calling btc to become a global reserve currency at 3k during the bear market.
I used to find these viewpoints silly, but considering you can now buy pretty much anything with btc and easily use it as collateral for a usd loan, it doesn’t seem quite as farfetched anymore.
bitcoin is like every other asset in the world
holding because they think bigger idiots than they are will pay more for it down the road
that’s the only reason any of us own stonks for gosh sakes
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stonks pay dividends.
Isn’t this the same logic as that used by people who accumulate savings or stock fortunes and never spend or sell? Maybe they leave their fortune to their surviving family, or donate to charities upon their death.
Or maybe he’s being hyperbolic and simply means he’s taking the coffee can approach and isn’t touching his BTC until much later in life when he expects it’ll be worth much more than today.
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But like, what’s the end game. If the dollar collapses and only say (liberally) 5% of people have money in bitcoin, what the hell happens to the other 95%?
Right, this is a little like the billionaires who think they’ll be fine in an apocalypse because they have private security. Assholes, if society collapses they’ll just kill you and take your stuff.
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Lol, right. What do billionaire pay security with when their billions of dollars are no longer worth anything?